THE STEAK N SHAKE
COMPANY
No. 2006
I-3
PPN: 857873 A@ 2
ORIGINAL
PRINCIPAL AMOUNT: $3,200,000.00
ORIGINAL ISSUE
DATE: October 27, 2006
INTEREST RATE:
5.66% per annum
INTEREST
PAYMENT DATES: January 27, April 27, July 27 and
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October 27,
commencing January 27, 2007
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FINAL MATURITY
DATE: October 27, 2011
PRINCIPAL
PREPAYMENT DATES AND AMOUNTS: $1,066,666.67 annually on
October 27 th of each year,
commencing
FOR VALUE
RECEIVED, the undersigned, Steak N Shake Company (herein called the
"Company"), a corporation organized and existing under the laws of
the State of Indiana, hereby promises to pay to UNITED OF OMAHA
LIFE INSURANCE COMPANY, or registered assigns, the principal sum of
THREE MILLION TWO HUNDRED THOUSAND DOLLARS ($3,200,000.00), payable
on the Princi-pal Prepayment Dates and in the amounts specified
above, and on the Final Maturity Date specified above in an amount
equal to the unpaid balance of the principal here-of, with interest
(computed on the basis of a 360-day year--30-day month) (a) on the
unpaid balance thereof at the Interest Rate per annum specified
above, payable on each Interest Payment Date specified above and on
the Final Maturity Date specified above, commencing with the
Interest Payment Date next succeeding the date hereof, until the
principal hereof shall have become due and pay-able, and (b) on any
overdue payment (including any overdue prepayment) of principal,
any overdue payment of Yield Maintenance Amount and any overdue
payment of interest, payable on each Interest Payment Date as
aforesaid (or, at the option of the registered
